Revenue from Contracts with Customers (Tables)
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6 Months Ended |
Jun. 30, 2018 |
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| Revenue from Contract with Customer [Abstract] |
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| Summary of Impact of Adoption to our Condensed Consolidated Statements of Income and Balance Sheets |
The Company recorded a net decrease to beginning retained earnings of $4,454 on January 1, 2018 due to the cumulative impact of adopting Topic 606, as detailed below.
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January 1, 2018 |
(in thousands) |
As Reported |
|
606 Adjustments |
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Adjusted Balances |
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Assets: |
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Costs and estimated earnings in excess of billings |
|
$ |
104,852 |
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|
$ |
(9,194 |
) |
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$ |
95,658 |
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|
Prepaid expenses and other current assets |
|
14,037 |
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|
4,343 |
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|
18,380 |
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Deferred income taxes, net |
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— |
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|
1,003 |
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|
1,003 |
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Liabilities: |
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Accrued expenses and other current liabilities
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23,260 |
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|
1,190 |
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|
24,450 |
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Deferred income taxes, net |
|
584 |
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(584 |
) |
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— |
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Shareholders' Equity: |
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Retained earnings |
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235,844 |
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(4,454 |
) |
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|
231,390 |
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In accordance with Topic 606, the disclosure of the impact of adoption to the Company’s condensed consolidated statements of income (loss) and balance sheets was as follows:
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Impact of changes in accounting policies |
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Three Months Ended June 30, 2018 |
Six Months Ended June 30, 2018 |
(in thousands, except per share amounts) |
|
As Reported |
|
Balances without adoption of Topic 606 |
|
Effect of Change Higher/(Lower) |
As Reported |
|
Balances without adoption of Topic 606 |
|
Effect of Change Higher/(Lower) |
Revenues |
|
$ |
196,982 |
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$ |
194,698 |
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$ |
2,284 |
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$ |
364,392 |
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$ |
362,937 |
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$ |
1,455 |
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Cost of revenues |
|
154,206 |
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|
150,336 |
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|
3,870 |
|
286,143 |
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|
284,497 |
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|
1,646 |
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Gross profit |
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42,776 |
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44,362 |
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(1,586 |
) |
78,249 |
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78,440 |
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(191 |
) |
Operating expenses: |
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Selling, general and administrative expenses |
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28,801 |
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28,801 |
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— |
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56,005 |
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56,005 |
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— |
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Operating income |
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13,975 |
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|
15,561 |
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(1,586 |
) |
22,244 |
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22,435 |
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(191 |
) |
Other expenses, net |
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3,966 |
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|
3,966 |
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— |
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7,510 |
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|
7,510 |
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— |
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Income before benefit for income taxes |
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10,009 |
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11,595 |
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(1,586 |
) |
14,734 |
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14,925 |
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(191 |
) |
Income tax (benefit) provision |
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1,307 |
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1,641 |
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(334 |
) |
(1,472 |
) |
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(1,453 |
) |
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(19 |
) |
Net income |
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8,702 |
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9,954 |
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(1,252 |
) |
16,206 |
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16,378 |
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(172 |
) |
Net (income) attributable to redeemable non-controlling interests |
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— |
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— |
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— |
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(516 |
) |
|
(516 |
) |
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— |
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Net income attributable to common shareholders |
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$ |
8,702 |
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$ |
9,954 |
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$ |
(1,252 |
) |
$ |
15,690 |
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$ |
15,862 |
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$ |
(172 |
) |
Basic income per share |
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$ |
0.19 |
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$ |
0.22 |
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$ |
(0.03 |
) |
$ |
0.35 |
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$ |
0.35 |
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$ |
— |
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Diluted income per share |
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$ |
0.19 |
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$ |
0.21 |
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$ |
(0.02 |
) |
$ |
0.34 |
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$ |
0.34 |
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$ |
— |
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June 30, 2018 |
(in thousands) |
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As Reported |
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Balances without adoption of Topic 606 |
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Effect of Change Higher/(Lower) |
Assets: |
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Costs and estimated earnings in excess of billings |
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$ |
64,656 |
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$ |
72,397 |
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$ |
(7,741 |
) |
Prepaid expenses and other current assets |
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14,853 |
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|
11,798 |
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|
3,055 |
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Liabilities: |
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Accrued expenses and other current liabilities
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22,800 |
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|
21,252 |
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|
1,548 |
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Deferred income taxes, net |
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8,505 |
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|
10,112 |
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(1,607 |
) |
Shareholders' Equity: |
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Retained earnings |
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247,080 |
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|
251,707 |
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(4,627 |
) |
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| Summary of Disaggregation of Revenue |
The following table provides information about disaggregated revenue by line of business, reportable segments, and geographical region for the three and six months ended June 30, 2018.
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US Regions |
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U.S. Federal |
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Canada |
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Non-Solar DG |
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All Other |
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Total |
Line of Business |
Three Months Ended June 30, 2018 |
Project revenue |
$ |
80,877 |
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$ |
47,437 |
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$ |
5,317 |
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$ |
1,201 |
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$ |
4,200 |
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$ |
139,032 |
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O&M revenue |
4,069 |
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|
9,566 |
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— |
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2,258 |
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— |
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|
15,893 |
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Energy assets |
3,799 |
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|
1,140 |
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|
1,017 |
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|
16,501 |
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|
335 |
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22,792 |
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Other |
33 |
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71 |
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1,624 |
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(39 |
) |
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17,576 |
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19,265 |
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Total revenues |
$ |
88,778 |
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$ |
58,214 |
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$ |
7,958 |
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$ |
19,921 |
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$ |
22,111 |
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$ |
196,982 |
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Six months ended June 30, 2018 |
Project revenue |
$ |
146,317 |
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$ |
85,275 |
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$ |
12,253 |
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$ |
2,100 |
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$ |
4,770 |
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$ |
250,715 |
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O&M revenue |
7,964 |
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|
18,744 |
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19 |
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4,254 |
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— |
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30,981 |
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Energy assets |
8,780 |
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|
1,909 |
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1,383 |
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31,615 |
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|
599 |
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44,286 |
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Other |
408 |
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71 |
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3,207 |
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69 |
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34,655 |
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|
38,410 |
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Total revenues |
$ |
163,469 |
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$ |
105,999 |
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$ |
16,862 |
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$ |
38,038 |
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$ |
40,024 |
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$ |
364,392 |
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Geographical Regions
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Three Months Ended June 30, 2018 |
United States |
$ |
88,778 |
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$ |
58,214 |
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$ |
648 |
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$ |
19,921 |
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$ |
17,543 |
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$ |
185,104 |
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Canada |
— |
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— |
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|
7,310 |
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— |
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|
173 |
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7,483 |
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Other |
— |
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— |
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— |
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— |
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4,395 |
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4,395 |
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Total revenues |
$ |
88,778 |
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$ |
58,214 |
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$ |
7,958 |
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$ |
19,921 |
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$ |
22,111 |
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$ |
196,982 |
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Six months ended June 30, 2018 |
United States |
$ |
163,469 |
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$ |
105,999 |
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$ |
1,168 |
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$ |
38,038 |
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$ |
33,891 |
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$ |
342,565 |
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Canada |
— |
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— |
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|
15,694 |
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— |
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|
228 |
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|
15,922 |
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Other |
— |
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— |
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— |
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— |
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|
5,905 |
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|
5,905 |
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Total revenues |
$ |
163,469 |
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$ |
105,999 |
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$ |
16,862 |
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$ |
38,038 |
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$ |
40,024 |
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$ |
364,392 |
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| Summary of Contract with Customer, Asset and Liability |
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
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January 1, 2018 |
|
June 30, 2018 |
|
Accounts receivable, net |
|
$ |
85,121 |
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$ |
115,596 |
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Accounts receivable retainage, net |
|
17,484 |
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|
14,669 |
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Contract Assets: |
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Costs and estimated earnings in excess of billings |
|
95,658 |
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|
64,656 |
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Contract Liabilities: |
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Billings in excess of cost and estimated earnings |
|
27,248 |
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|
27,254 |
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